What Is the Standard Mileage Rate?

The standard mileage rate is a per-mile deduction rate the IRS sets each year for business use of a personal vehicle. For 2024, the business rate is 67 cents per mile. You simply multiply your business miles by the rate to get your deduction — no need to track every gas receipt. You must keep a contemporaneous mileage log to substantiate the deduction. Compare this to the actual expense method to see which gives you a bigger deduction.